Permanent Account quantity or PAN, as it is usually known as, is a means of identifying various taxpayers inside the USA. PAN is a unique identity wide variety assigned to Indians, broadly speaking to folks that pay tax. The PAN system of identity is a pc-based totally gadget that assigns particular identity range to every Indian tax paying entity. Through this approach, all tax associated records for someone is recorded against a unmarried PAN range which acts as the primary key for storage of records. This is shared across the us of a and for this reason no two humans on tax paying entities will have the identical PAN.
The concept behind PAN is much like the Social security quantity or SSN used inside the America. SSN inside the US is a completely unique 9-digit range issued to all residents of America, permanent and temporary both. Although, the number one purpose for SSN introduction changed into to track people for social security purposes, it has now grow to be a primary identity number for taxation procedures.
Any PAN issued is valid for the whole life of the PAN holder. That is so majorly because PAN is unaffected with the aid of any change of deal with of the PAN cardholder.
Records of PAN in India
PAN Card software(on line/Offline)
Documents Required for PAN Card
Monitoring PAN programs and Transactions
Structure of PAN Card
Forms of PAN Card
Why is PAN important?
PAN Card FAQs
New design for PAN Card
The income Tax department has prescribed a new format for PAN cards issued after 1st January, 2017. The modifications made to the brand new PAN Card were indexed beneath:
Vintage Pan Card layout
Vintage Pan Card design
New Pan Card design
New Pan Card design
History of PAN in India
Earlier, before the concept of PAN changed into delivered, there was a GIR range assigned to taxpayers which changed into basically a manual device and as such was unique only inside a ward or under a specific assessing officer. However, the range turned into now not unique on the u . S . Degree. In the yr 1972, the idea of PAN became rolled out through the Indian authorities and became made statutory below section 139A of the income Tax Act, 1961.
The GIR quantity was allocated by the Assessing Officer to a tax payer and it covered the Assessing Officer’s facts as well.
Another hassle with the GIR system became that it became now not a unique range. A GIR become unique best in that precise ward/circle, resulting in errors or the possibilities of miscalculations for the duration of tax assessment.
The PAN card in its present shape changed into first delivered in 1972, as a way to conquer these troubles. Initially a voluntary technique, it become made mandatory for all tax paying individuals within the united states of america in 1976.
The initial PAN wide variety allotments have been made manually, and to avoid duplication, every ward/circle acquired a sure set of numbers. This series turned into abandoned in the 12 months 1995 because of a host of issues related to it.
In spite of those modifications, the primary avatar of the PAN card met with a few difficulties, as mentioned below:
PAN Card software
As stated within the segment above, PAN Card software may be made both online on the NSDL website or by using applying at any of the district level PAN organizations. Packages for brand spanking new PAN allotment as well as those for correction or trade of facts can all be made by means of customers. Form 49A is the shape that wishes to be filled and submitted for utility of new PAN.
Moreover, there are approaches to reap duplicate PAN card in conditions wherein an entity loses or misplaces the PAN card. Indians, foreigners and NRIs all can obtain PAN, despite the fact that the bureaucracy and manner can also range for every of those entities.
Software paperwork for brand new PAN and reprint of PAN are unique. Once, a person makes any of the above applications close to PAN, he/she will be able to music the status of PAN application through the acknowledgement wide variety provided by means of NSDL.
A PAN card can be implemented for through the NSDL (national Securities Depository constrained) as well as thru the UTIISL (UTI Infrastructure generation and offerings restrained). Candidates can put up their PAN card programs either offline or on-line.
You can read more about PAN Card Linking with Aadhaar card here https://www.eaadharuidaigov.co.in/